(Alliance News) - SBE-Varvit Spa reported Monday that it closed 2023 with a profit of EUR57.8 million from EUR54.6 million in 2022 and that the board of directors proposed a dividend of EUR0.18 per share.

Revenues in 2023 were EUR395.8 million, registering a 0.9 percent increase from EUR392.4 million in the previous year, "despite the declining reference market," the company specified in a note.

Adjusted Ebitda amounted to EUR105.1 million from EUR108.5 million in the previous year, with a margin of about 27 percent from 28 percent in the previous year.

Net financial position is EUR45.4 million positive compared to EUR3.1 million as of December 31, 2022.

"The year 2023 demonstrated the group's ability to operate successfully even in challenging economic environments, achieving excellent results," the company writes. However, as far as the future is concerned, "there is evidence of a trend that started in December and continued in the first months of 2024 of a general slowdown in the reference markets, which we believe may persist for part of the fiscal year."

"The acquired businesses together with the steady increase in market share will, however, help to considerably mitigate the impact of the current deceleration phase," the statement further reads, and will lead, according to the company's forecasts, to a contraction in sales of between minus 5 percent and minus 9 percent compared to 2023, "confirming the marginality between 25 percent and 28 percent. 2024 will also be an important year to complete the planned investment plan and increase in the workforce to further increase production capacity and technological level."

SBE-Varvit's stock closed Monday in the red by 0.6 percent at EUR8.60 per share.

By Chiara Bruschi, Alliance News reporter

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